(Answered) Question - able baker and chapman partnership had assets

Accounting

Question - Able, Baker and Chapman partnership had assets with a book value of $240000 and a market value of $195000, liabilities of $90000 and capital balances for partners Able, Baker and Chapman of $70000, $30000 and $50000. The partners decide to incorporate the partnership. The new company ABC Inc. will issue 30000 shares with a par value of $2 each to the partners.

(a) How much shares will Able receive?

(b) What is Chapman's total value in the shares he received?

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